Chung Ho-young says 'LG Display will focus on strengthening core competitive edge centered on OLED'
Chung Ho-young says 'LG Display will focus on strengthening core competitive edge centered on OLED'
  • Jung So-yeon
  • 승인 2020.03.20 11:14
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LG Display President Chung Ho-young (Courtesy of LG Display)

LG Display held its 35th regular shareholders' meeting on March 20 at the LG Display's Running Center in Paju, Gyeonggi Province, and announced its management performance in 2019 and its direction in 2020.

At the meeting, LG Display approved a total of three issues, including the approval of the financial statements of 2019 and the approval of the appointment of two directors and the repair limit of 4.5 billion won for the directors.

LG Display shifted its deficit to 23.475.6 trillion won in sales and 1.3594 trillion won in operating losses in 2019 due to increased competition in the display industry and continued downward trend in market prices.

On the other hand, the proportion of sales of OLED TVs in the TV business increased sharply from 24% in 2018 to 34% in 2019.

Meanwhile, the limit on compensation for directors was decided at 4.5 billion won, down 47 percent from 8.5 billion won a year earlier, reflecting the difficult business environment. 

"Despite uncertainties in external conditions and fierce competition within industries, we will continue to carry out tasks that focus on strengthening core competitive edge centered on OLED.," said President Chung Ho-young, who was appointed as CEO on the same day through a letter to shareholders.

"Considering that the business environment is rapidly changing due to the spread of Coronavirus," he stressed "We will to overcome the crisis by systematically and preemptively taking into account not only the key risks in business operations but also new opportunity factors."

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